In Q3 Repsol Reduces Production By 4.3% To 691,000 Barrels Per Day

According to data provided to the regulator (CNMV) by the company, Repsol’s oil production amounted 691,000 barrels per day in the third quarter of the year, a reduction of 4.3% compared to the previous quarter and practically in line with the 693,000 barrels per day of the same quarter last year.

The production objective of the group chaired by Antonio Brufau for 2018 is set at some 715,000 barrels of oil per day.

In the second quarter of the year, Repsol produced 722,000 barrels of oil per day, while in the first three months of 2018 it achieved record production of 727,000 barrels per day.

By regions, in the third quarter of the year Repsol´s production increased 13.1% in Europe, Africa and Brazil compared to the same period in 2017, although it fell in Latin America and the Carribean (-5.5%), in Asia and Russia (-1.9%) and in North America (-1.6%).

Compared to the previous quarter, it reduced production in all áreas except Asia and Rusia, where production increased 3%.  Thus production fell in Europe, Africa and Brazil (-3.6%), Latin America and Carribean (-6.8%) and in North America (-3.3%).

The price per barrel is 75.2 dollars.

On the other hand, the Group calculated the average price of Brent crude in the third quarter at 75.2 dollars, which means 1.1% more than the average price of 74.4 dollars in the previous quarter and 44% more than the average price in the same quarter in 2017.

As far as “downstream” is concerned, the refining margin was 67 dollars per barrel, 6.9% less than the previous quarter and 4.3% less than in the same quarter last year.

Last week the market punished Repsol with a fall of 5.8% in two sessions.